:moo: In the US, there is quite a drive to be a financial planner that has wealthy clients that invest through them, many times taking a % of their holdings as their fee. (Easier to handle one customer worth $500k than 50 folks with 10K iykwim) These folks have certain qualifications and tests that they have passed, and for some of their clients, they hold a financial power of attorney in that they can make decisions on investments, take action on their own as to financial intruments/investments (buying and selling). As an insurance policy is a financial investment that many folks have, it doesn't send up any red flags to me this is being settled through their financial person. I've seen this same situation in the last two elderly folks that passed.
As to your question of the words "wealth management", it is more of a marketing tool.... to let their customers know they are special
![Wink ;) ;)](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
.. as often times, these companies won't take on folks unless they have a minimum amount of holdings to invest for them. (Sometimes they invest without customer input, sometimes the customer must give approval for purchases of stocks/bonds/etc.. just depends on the agreement between the adviser and the customer.)
So, :moo: it's not uncommon, especially for folks with larger financial holdings at all that do have a financial planner. There are small players that put "wealth management" in their name, and larger corporations that have many brokers supporting their wealth management group. Fidelity has a wealth management group for folks if you are familiar with that large investment group. I would guess that Charles Schawb etc has such also.
In addition, Doctors and lawyers are TARGETED by these folks before they are wealthy, knowing if they get them young, they will eventually have larger holdings. The larger the holdings, the lower percentage take they get as their fee every year. It can range from 1.5% downward, and sometimes they just do a flat fee.
HTH
ETA: Oh, and they buy mailing lists that list income and/or holdings.... and they send out free flyers for free fancy meals at a local restaurant to often solicit clients. They sometimes have groups of about 20-30 in a private room and give a seminar before you eat.
ETA #2: Agree with Eileen, I would let my financial person work with the insurance company, as she states, that is what they are paid to do. It could be that the financial person was thinking ... "wow, I'm about to get more business with this new money from Mark!" :thinking: We haven't seen these folks interviewed yet by LE